2008-11-24_PERMIT FILE - C1996083A (12)

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B. In addition to the base rental, Bowie shall pay iL,essor as additional rent the sum of $-per clay far all days during an Exclusive Control Period. Bowie shall pay such additional rent within fifteen days after the da#e an which an Exciu~ive Contml Feriod expires ar on the #'ust day of each month if the exclusive control period lasts more than 34 days. C. All rent payments shall be made payable to Overland Wa#er Ranchers 1,LC and shall be sent or delivered to Lessor at the address set forth in Paragraph 6, below. Lessor shall be responsible far dividing the rent among and between Lessor in prcpportion to their interests in the Overland Shares or in same other manner to which Lessor may agree. Once the rent is .paid to Lessor as set forth in this paragraph, Bawie shall have no obligation to see that the payment is properly divided among and between the Lessor. 4. Term of Lease. The term of this Lease shall be as follov~~s: A. Subject to the provisions of Paragraphs 4.B. and 4.C., below, this Lease shall be for a term of twelve (12) years, which term shall commence on May 1, 20[F8, and continue until April 34, 202x, at which tune this Lease shall terminate unless Bowie exercises the option to extend this Lease for an additional term under Paragraph 4.B., below. B. Bowie shall have the option to extend this Lease for one additional five- year term. Such extension shall be upon the same terms andconditions as set forth herein except the parties will renegotiate all rental fees. if Bawie desires to exercise the option to extend this Lease, Bowie shall give Lessor written notice zaf Bowie's intent to exercise the option na earlier than one year and no later than three months prior to the expiration of the original term of this Lease. If such notice is not timely given, Bowie shall be deemed to have waived its right to exercise the option, andthis Lease shall expire and terminate at the end of the original term. C. Notwithstanding anything to the contrary set forth above, Bowie shall be entitled to terminate this Lease at any time upon ninety (90} days written notice to Lessor. If Bowie terminates the Lease under this provision, it shall not be entitled to a refund of any rent paid prior to the date of termination of the Lease and shall be responsible far any accrued but unpaid rent as descrifioed in 3b above. 5. Breaeh. The failure of Bowie to cornltly with each and every term and condition of this Lease snail constitute a breach of this Lease. Bowie shall have fifteen days after written notice from Lessor of any breach to carrec~t the conditions specified in the notice. In addition to any other remedies that Lessor may have at law or in equity, if Bawie breaches this Lease and fails to correct such breach wsthan the time provided above, Lessor shall be entitled to immediately terminate this Leases And Bowie shall not be entitled to a refund of any rent paid prior to the date of termination of the Lease.